Is it possible that a mobile app used by seven million people -- and which is adding more than half a million new users per month and has already handled more that 50 million client interactions -- would not be considered a success? Even Christian Kitchell, AI Solutions and Erica Executive at Bank of America declares, "We're only in the first mile of a marathon." Forrester Principal Analyst Peter Wannemacher says Erica's number of interactions is a positive, but doesn't indicate success. He does add, however, that "Erica has been more successful than many industry insiders -- probably even Bank of America itself -- thought it would be." Bank of America's virtual financial assistant (the name is derived from the last part of "America") launched in June 2018.

Managing finances is one of the greatest areas of concern for most consumers. Yet, few financial organizations have found a way to provide insight that is comprehensive and easy to access. As a result, there is a significant opportunity for banks and credit unions to develop AI-based financial wellness tools for the masses. Subscribe to The Financial Brand via email for FREE!Despite all of the advancements made by the banking industry in providing access to savings, borrowing and investment options through physical and digital channels, the vast majority of consumers continue to feel insecure in their ability to adequately manage their finances. The need goes far beyond post-transaction alerts and pretty graphs.

Today's consumers want financial wellness tools that help them proactively manage their money. Join this VB Live event to learn how the industry's most innovative companies are using artificial intelligence (AI) and machine learning to build the kind of financial solutions and apps to attract and engage today's evolving consumer. Traditional personal finance management tools don't hold consumer interest because they don't offer what customers are really looking for, says Tiffani Montez, retail banking senior analyst at Aite Group, a research and advisory firm specializing in the financial services industry. "So what's next?" she asks. "Banks and credit unions are asking if there's a way to rebuild the tools we have today to drive true engagement with the customer."